Posts Tagged ‘bank’

Business Insider Australia says big businesses are starting to work with startups more and more because they can no longer afford to ignore the new technology and innovation that these small companies bring to the table.

Large corporations, like the big banks and telcos, are realising that the experimental and disruptive technologies startups often utilise can be used to satisfy consumer demands and take market share away from competitors.

Startup accelerators such as Pollenizer are cashing in on managing the changing relationship between startups and big business

“The whole thing is coming full circle,” Pollenizer CEO Phil Morle said, adding startups can grow from their dealings with big business and corporations can learn from the entrepreneurship of startups.

“We can’t be reactive anymore,” Morle said. “You have to almost industrialise the creation of new business without knowing what they are.”

Some of Australia’s biggest corporations including Telstra and Coca-Cola Amatil are working with startups because the risk of ignoring the technology and innovative ideas the small companies produce is too high.

Telstra boss David Thodey recently said if startups aren’t supported Australia will lose talent and good ideas and the telco has backed up Thodey’s words by launching its own tech startup accelerator Muru Digital to harness and develop a group of the country’s startups.